side hustles
Personal Finance

5 Side Hustles to Make Extra Money From Home

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Everybody wants to make some extra cash whether it is through side hustles or an extra job. Because the cost of living keeps growing, it becomes a little hard to survive with just your income. 

Right now, unemployment levels are at the highest. Most businesses are downsizing or shutting down completely and no one knows for sure if some of these businesses will get back on their feet.

Other employees have taken major pay cuts because times are hard for everyone right now.

picture of a couple arguing over unpaid bills

That being said, a lot of people right now are looking for other ways to earn an income or some extra cash. Starting a business from scratch right now might not be the best idea.

Costs of setting up a business premise are very high making it hard for those who are not deep-pocketed. There are many aspects to consider such as the high cost of rent, permits, and the capital to start.

However, opportunities are opening up every day that we can grab within the comfort of our homes. So I’ve summarized a list of side hustles that can make you extra money in the comfort of your home.

These side hustles require minimal or no capital for startups and can be very rewarding.

1. Renting out Space

a small airbnb room
Do you have some additional space in your residence? Or maybe you know someone who does. If you do, renting out some space can be an easy way to earn some extra cash as one of the side hustles you can venture into.

And get this, the income is completely passive. This means you do not have to put in any extra work to earn this monthly (or weekly, it totally depends on your plan) income.

One way you can use to rent out your space hassle-free is to list it on Airbnb. Airbnb is a vacation rental online marketplace where people rent out their homes to visitors or tourists.

Technological advancement has changed the real estate and hospitality industry tremendously. Today, a lot of hotels are facing huge competition from online startups that allow homeowners to rent unused space in their homes.

This is a straightforward process that allows room booking with the click of a button. The technology company acts as an agent by offering a platform where homeowners and renters can connect.

It has made it possible for those with extra free rooms in their houses to make some extra cash from them. This side hustle requires little to no effort as the broker does most of the marketing and pricing.

You are only supposed to make sure that your visitors are comfortable and everything is up to standard once they visit. Offering quality services will give you a great rating on the Airbnb platform and potentially you’re your number of visitors.

And you don’t even have to have a room of your own to do this side hustle. If you know a friend or relative who does, offer to be a broker or agent of sorts for them in exchange for a commission for any closed deals.

P.S This is what real estate agents actually do and they earn tons of money for selling houses that are not even theirs.

2. Baking

Now I know this is one of the activities that actually blew up during the quarantine period. A lot of bake-ware vendors were making a killing just selling pans and baking tools.

batches of dough on a table next to a rolling pin

While it was evident that most people who had turned to bake were not actually starting a business, imagine the extra cash most of them would have made if they did and stuck to it (I think most people are over it now).

So, if you love to bake, why not make some extra cash with it. Baking presents tons of favorable side hustle opportunities. You can bake all sorts of stuff from bread, cakes, cookies, biscuits, and rolls just to mention a few.

There are so many activities that happen in our neighborhoods daily presenting a potential market within our reach. From birthdays to graduations and weddings.

If you love baking, you can commercialize it to make it a profitable side hustle. All that is needed is the skill and the baking equipment. You can market your baked products in your neighborhood through posters or you can even ask for referrals.

Once a number of people are aware, orders will start coming in large numbers. Baking can be done at the comfort of your regular kitchen making it easy to manage and start.

Now a fair warning on this one is that there are so many bakeries, restaurants, cafes, stay at home mamas who are already killing it in this industry!

Even in the blogging industry, there are so many blogs on baking and “special” cake recipes. So, it is advisable that when you enter a competitive industry such as this one, find a niche and build your business around it.

A niche simply means a specialized segment of the market for a particular product or service. For instance, you can start a cupcake shop for dog lovers where all cupcakes are dog-themed, or you can start a vegan bakery that specializes in art-themed cakes.

a piece of bread with a cute cat image

All that matters is that you find an untapped niche and make yourself stand out in the same niche. Stick to it, make quality baked goods and you will see results.

3. Blogging

Blogging has been around for many years and it is quite a surprise that not many people know that it can actually earn you some cash on the side.

+++++ Read more on starting a financial blog here++++++++

Most of us nowadays turn to the internet for any information we need and this has made blogging more popular and rewarding.

a black keyboard

Blogs that produce quality content attract many web users daily making it an ideal space for businesses to advertise their services. Blogging does not need huge capital for startup and maintenance.

One only needs a website, internet, and a computer to get going. You can even run your website on free hosting platforms but if you would like to monetize the site, it would be better to use a good and stable paid platform. 

Check out this site that offers great and affordable web hosting for beginners.If you are great on camera or like doing videos, you can start a YouTube channel for free. All you need is a camera and an internet connection and you are good to go.

a girl talking to a mic

In this article here, I explain the different tools that you will need for quality content creation. And here’s the good thing, most of these tools are free. Read the article here.

Now I know buying a good camera can be quite costly, but you can use your phone to record your videos. As your content starts getting more traction and you start earning from it, you can now upgrade your equipment.

To run a successive blog or YouTube channel, one needs to put in a lot of work from the get-go. Once your platforms grow, then the potential to earn passive income will increase.

This is one of the best side hustles that you can start because it can open up more lucrative opportunities such as brand deals or even creating your own brand. I would definitely recommend this for any beginner.

4. Online Training

If you are good at something, like let’s say guitar, you can use that skill to get yourself some extra cash. And no, I am not talking about starting a band (which is also a good idea), but you can teach other people at a fee.

two people learning online

Demand for skills and knowledge is growing on a daily basis. So much so that we have platforms like Teachable and SkillShare where people sell courses or have lessons for different things.

As the global economies become more knowledge-based, many people are rushing to ensure they acquire the relevant skills and online lessons are an ideal choice.

These platforms have thousands of people signing up every day and PAYING to get knowledge in something. Whether it is learning a new language, or trying to learn Forex Trading, or even Guitar lessons, you name it.

Many people are paying for valuable lessons that were traditionally only offered physically. Now, video courses are so successful that people are paying thousands of dollars to get valuable information on something they believe will be beneficial to them.

As long as you have a skill or even knowledge of anything, you can use it to train those who need to learn these skills or get this knowledge at a cost.

Right now the trend of learning online is so lucrative that most of the mainstream learning institutions are embracing it as well. It eliminates the need to have physical classrooms and meetings.

You only need a connection to the internet and a computer. Business growth will be determined by the quality of training you are offering so if you are getting on this one, make sure your lessons are valuable and quality content-packed.

5. Forex trading

Forex trading involves buying and selling of currencies based on predictions on whether they will rise or fall in value.

forex

It is a technical undertaking that requires a lot of markets knowledge and practice to become profitable. You only need an internet connection, a computer, and small capital for a startup.

Much of the work is in the learning of the trade. It offers a great side hustle for those willing to make an extra income working from your home.

If well done, Forex trading can actually make you more returns than your daily job. If you are interested in learning about forex trading, this article here offers an in-depth understanding of the subject.

As discussed, these represent some of the side hustles somebody can pursue to make an extra income. They can all be done at the comfort of our homes. This makes them easier to run and manage. If run well, the rewards are immense.

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